ROCHESTER, N.Y. — HREC Investment Advisors has arranged the sale and financing of the 117-room Hampton Inn Rochester North, a hotel located approximately 70 miles east of Buffalo. Ketan Patel and Mark von Dwingelo of HREC Investment Advisors arranged the sale on behalf of an undisclosed buyer. John Siska of HREC Capital Markets placed a five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. The sales price was undisclosed.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.
LA MIRADA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial infill project located at 14001-14051 Rosecrans Ave. in La Mirada. Clarion Partners, on behalf of a separate account client, acquired the property from Bailard Inc. for $76.8 million, or $228 per square foot. Spanning 14.4 acres, the two-building, 337,125-square-foot project features 30-foot clear heights, an ESFR fire sprinkler system, large truck courts and street frontage along Rosecrans Avenue. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenburg of Cushman & Wakefield’s Irvine, Calif., office represented the seller in the deal.
ELGIN, ILL. — Darwin Realty has arranged the sale of a 90,000-square-foot industrial building located at 501 Davis Road in Elgin. Consideration for the sale was in excess of $5 million. The property features seven loading docks, three drive-in doors, 5,000 square feet of office space and a clear height of 24 feet. Noel Liston of Darwin brokered the transaction. Chicago Logistic Service owned and occupied the building. Navis Industries, which provides plastic packaging films, purchased the building and plans to relocate from a 25,000-square-foot facility in Elgin.
CHANDLER, ARIZ. — Phoenix-based developer George Oliver has purchased a two-building office asset in downtown Chandler for $38.8 million. The buyer plans to invest nearly $14 million of additional capital to redevelop the property into a creative office portfolio. George Oliver purchased the 1987-built Plaza 25 from long-time owner and tenant First Credit Union for $16.3 million. First Credit Union signed a sale-leaseback agreement to continue to occupy the property for a 10-year lease. Including First Credit Union, the building is 79 percent occupied. The new owner will rebrand the property as The Alexander. Additionally, George Oliver acquired the adjacent, 107,510-square-foot Chandler City Center from Tryperion Partners and Griffin Partners for $22.5 million. Located at 55 N. Arizona Place, the property will be rebranded as The Johnathan after undergoing an almost $3 million initial capital investment plan. The rebranding are named for the city’s namesake, Alexander Johnathan (A.J.) Chandler. The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five-story, modernized office building at 25. S. Arizona Place. The renovations will improve the building from Class B to a Class A office space, enclosing a current ground-floor plaza and adding shared …
ROCHESTER, N.Y. — NNN Acquisition Group LLC, a Texas-based developer, has purchased a 205,000-square-foot retail property leased to Walmart store in Rochester, located approximately 70 miles east of Buffalo. NNN purchased the property for $8.3 million and may redevelop the property following the completion of Walmart’s lease term, which has less than five years remaining. Joshua Pardue of Stan Johnson Co. represented the seller, Urban Edge Properties, in the transaction.
PISCATAWAY AND JAMESBURG, N.J. — CBRE has arranged the $11.3 million sale of two office properties in Piscataway and Jamesburg, both located approximately 40 miles southwest of New York City. Heritage at Piscataway is an income-restricted active adult seniors housing community for residents age 55 and over, which consists of 30 one-bedroom apartments and sold for $3.2 million. Brookside Village is a newly constructed multifamily property that consists of 42-apartments and sold for $8.1 million. Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers and procured the buyers in both sales, which were all undisclosed.
HOUSTON — Berkadia has negotiated the sale of The Everly, a 387-unit multifamily community in Houston. Built in 2018, the property features one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and quartz countertops. Community amenities include a fitness center, Wi-Fi lounge, pool, outdoor fire pit, dog park and dog wash, beer garden and an indoor golf simulator. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, San Antonio-based Embrey Partners Ltd., in the transaction. The buyer was The Praedium Group, a privately held investment firm based in New York.
DENVER — Bascom Northwest Ventures has acquired 1000 South Broadway Apartments, a multifamily property located at 1000 South Broadway in Denver. An undisclosed seller sold the asset for $90.5 million, or $348,076 per unit. Built in 2015, 1000 South Broadway Apartments features 260 Class A units. Avenue 5 Residential will manage the property. Terry Daly of Cushman & Wakefield arranged a $54.5 million loan with Wells Fargo Bank for the buyer. The property was also purchased with proceeds derived from the sale of a 15-year investment in an urban infill property in Bellevue, Wash.
DAVENPORT, IOWA — Berkadia has arranged the sale of a 413-unit, four-property multifamily portfolio in Davenport for an undisclosed price. The properties, built in the late 1970s, include The Racquet Club, Candlelight Commons, Candlelight Village and Candlelight Colony. Parker Stewart, Alex Blagojevich and Michael Sullivan of Berkadia represented the seller, Iowa-based Advance Homes Inc. Colorado-based Monarch Investment and Management Group purchased the portfolio. Peter Benedetto of Berkadia secured an undisclosed amount of acquisition financing on behalf of the buyer.